Harry Redknapp has launched a scathing attack on the police after his arrest early on Wednesday.
The Portsmouth boss said officers arrived at his home along with photographers from a tabloid newspaper, while his wife was at home alone.
He was one of five men arrested on suspicion of conspiracy to defraud and false accounting. All five have been bailed until February.
Redknapp claimed the corruption investigation was "nothing to do with me", and that he was only involved "to add some profile" to the probe.
The 60-year-old attended Stuttgart's Champions League game at home to Rangers on Tuesday night, and was greeted with "hysterical" answer phone messages from his wife on his return to the UK the following morning.
"I was particularly disappointed that the police knocked on my door with photographers from a well-known tabloid newspaper. My wife was there on her own, she was petrified," he said at a specially-convened press conference.
"If you can tell me that's any way to treat a person, it's not the society I was brought up in. I was bitterly disappointed."
He reported to Chichester police station, where he spent much of the day answering questions. He confirmed that club chief executive Peter Storrie and former Pompey chairman Milan Mandaric had also been arrested.
The 60-year-old said the investigation centred around an alleged payment from an agent to a player.
"An agent had been paid an agent's fee, and the agent had allegedly paid some money to the player. That was the top and bottom of it, the whole story," he said.
"All the players wanted the agent's phone number because it is the first time they had ever heard of an agent who wanted to give money to a player."
He also said that such issues are entirely between the agent and the player, and that clubs have no control over them.
It is believed the transaction in question is Amdy Faye's move from Auxerre to Portsmouth in 2003, a deal reportedly brokered by Willie McKay.